Investment Incentives and Corporate Sustainability: Evidence from China
Abstract
This research studies the effect of the Accelerated Depreciation Policy (ADP) on the corporate sustainability of Chinese A-share firms between 2012 and 2017. We employ difference-in-differences estimation and reveal that ADP has a significant positive effect on corporate sustainability, particularly regarding employment, remuneration, and stakeholder rights. The effect is mostly attributed to increases in total factor productivity and short-term leverage, with a lesser role played by workforce skill structure upgrades. This effect is consistent and particularly prominent in firms with higher visibility and labor intensity, lower probability of obtaining long-term bank loans, and firms that are not state-controlled or politically connected. Our findings demonstrate that tax policy is vital in sustainability-related corporate decision-making.
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